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January 19, 2019

Flattening Home Market May Make it Feel Worse Than It Is – Because the Market is Still Good

2018 was the year of the housing slowdown in Dallas. After seven years of rising home purchases in North Texas, the speeding home market hit a speed bump in 2018. The decline wasn't much — only about 1 percent fewer homes sold than 2017's record sales. But the new wind blowing through residential neighborhoods freaked out many home sellers who were hoping they could keep asking the moon for the roofs over their heads. "The sky is not falling" on D-FW's housing market, insists Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University. "You're just getting back to normal." Gaines is forecasting a flat to slightly lower home sales volume in North Texas next year. And he's expecting year-over-year home price increases to moderate to mid-single-digit percentages. Most national forecasts call for D-FW home prices to rise 4 percent to 5 percent in 2019. That's about the long-term norm for North Texas housing value growth. But after several years of runaway home price gains, that could seem like a downer to home sellers looking to cash in on their properties.

Dallas-area home price gains slightly outperformed the national average in 2018. Dallas home prices rose 5.3 percent from 2017 levels while the U.S. price increase was 5.1 percent, CoreLogic reports. CoreLogic is forecasting that nationwide home prices will grow less than 5 percent in the year ahead. "The rise in mortgage rates has dampened buyer demand and slowed home-price growth," Dr. Frank Nothaft, chief economist for CoreLogic, said in the report. "These higher rates and home prices have reduced buyer affordability," he said. "Home sellers are responding by lowering their asking price, which is reflected in the slowing growth of the CoreLogic Home Price Index." Along with Dallas' 5.3 percent year-over-year home price gain, CoreLogic found that prices were up 6.9 percent annually in the Fort Worth area and were 5.8 percent higher in San Antonio. Houston prices rose by just under 4 percent from a year ago. And prices in the Austin area were only 3.4 percent higher than in November 2017.

Homeowners that CoreLogic surveyed attributed the growing home values as part of a strong national and local economy. "A strong economy helps homeowners feel confident about the value of their property," said Frank Martell, president and CEO of CoreLogic. "If recent declines in the stock market shake consumer confidence in the national economy, we may see homeowners' perception of home values change and a subsequent buyers' market emerge in 2019." Even with the declines in the rate of home appreciation, Dallas-Fort Worth home prices are at record levels and have risen more than 40 percent in the last five years.

January 15, 2019

When retirement nears, downsizing often makes good financial sense. It can help you make the most of a fixed income. Likewise, it means less time and money spent on maintenance.

It can also be safer. For example, many older homes have stairs that become a nuisance over time. They might also have large tubs or other amenities that are no longer desirable.

Downsizing the right way can help seniors achieve a more relaxed, sustainable lifestyle. With fewer things to worry about, they have more time to focus on what matters.

Here's how to make the process simpler:

Start Decluttering EarlyYou can't be sure exactly what you'll be able to bring to a new living space until you know its measurements. Still, you can get started de-cluttering by getting rid of items you know you no longer want. This could include unused appliances or electronics and old clothes, for example. This allows you to donate items or give them to family and friends without having to rush.

Set Your New Home GoalsWhen you move into a new space, you have some fantastic opportunities. You can move closer to friends and family, take advantage of dining and shopping, or make it easier to take care of chores like doctor appointments. It's also a good idea to build a budget so you can narrow down your home selections to those that will allow you to meet all your financial requirements.

Talk to a Real Estate AgentWorking with a good real estate agent is an essential part of downsizing successfully. You want an agent who understands your goals and works with you. An agent will accelerate the process and help you get a price you're comfortable with at the same time. Since it may take a while for the right home to be on the market, it's a good idea to touch base with an expert early.

Consider Safety and ConvenienceMobility and maintenance become bigger factors as a homeowner ages. When you begin looking at prospective homes, ensure you are not setting yourself up for inconvenience down the line. Make sure you have at least one step-free entrance into the home, with access to all you need on the first level, and halls and doorways broad enough to move through comfortably.

Set Clear Dates for Your MoveWithout setting a final date for your move, it's all too easy for it to slide down the priority list. It's a good idea to have a firm idea exactly when you expect to be gone. From there, you can set smart goals for each week, like creating your household budget or going through one room of your current home. With small, manageable steps like this, you can go a very long way.

Give Yourself Time to Let GoNot everything you do while decluttering and moving will be fun. Many people find the process a little upsetting, even if they only get rid of things they no longer want or need. The truth is, this is natural. Your belongings and space may have a lot of sentimental value. Don't rush: Take time to enjoy and say goodbye in a way that works for you. Perhaps a family get-together?

It may be a bit of a production, but downsizing can make things more comfortable and less expensive. With the right real estate agent in your corner, you may find yourself moving into a "downsized" home that's your favorite one yet.

5 Budgeting Tips When Saving for a Down Payment

Buying a home is a big financial decision and making your new home a reality means you'll need some money for a down payment. Homeownership is a great goal to have, and once you've figured out how much money you need to save, you can get down to business. As a general guideline, you'll need between 5% and 20% of the purchase price of a home. The actual number will depend on your financial situation, but it's always a good idea to get started as soon as possible. If you happen to end up with extra money, it can be applied to your moving expenses. Here are some suggestions to get started saving.

Make it automatic. Designate a separate account strictly for your down payment and have your money direct deposited or schedule regular transfers from your main account. For many people, it's much easier to save the money if you never see it in your checking account in the first place.

Pay down or pay off your current debt especially if it's high-interest debt. Credit cards and car loans are two common budget busters that can eat up a sizable chunk of your monthly income. You may be able to refinance a car loan to a lower interest rate, and apply the extra money to the principal to pay it off sooner. Most credit cards assess interest daily, so paying more than the minimum as early in the billing cycle as possible will mean you're being charged less interest, allowing you to pay off that card sooner. After you get rid of the debt, you can put that money toward saving for your down payment.

Cut out unnecessary spending. This includes monthly expenses and discretionary spending too. Eat out less, skip the daily latte, cut your grocery bill, give up the monthly subscription box, or get cheaper internet. You also may want to consider living somewhere less expensive or getting a roommate while you're trying to save for a home.

Earn extra income and save it. You could get overtime at your current job, get a second job, or get a side hustle to earn extra income. You could also sell some of your stuff or something big you can do without, like a second car. Then put that money in the savings account for your down payment.

When you do have to spend money take advantage of deals, coupons, and freebies. If you're going out with friends, go for the mid-week dinner specials. Buy one, get one free deal at your favorite lunch place, free concerts, community events, and game nights in can all help you reach your goal.

Saving up for the down payment on your new home can seem like an enormous task. But the truth is several small steps, and a little effort can make a big difference. You'll be in your new home before you know it.

Memorable landscapes don't just appear out of thin air. While many people consider the trees, shrubs, and the flowers in the flowerbeds to be the anchors of a magnificent landscape, the reality is less glamorous and far dirtier. Anchoring these elements to the landscape is an easily overlooked foundation of thick and healthy compost. Without the compost, the flowers won't blossom and bloom, and the trees won't grow as tall as they can. When home improvement is on the agenda, overlooking the compost is a mistake that you don't want to make.

Compost 101Healthy compost suitable for home improvement projects contains a balanced combination of ingredients that are rich in nitrogen and carbon. Sometimes called the "browns and greens," your brown ingredients are rich in nitrogen. These components include dried leaves, straw, cardboard, paper, and dried grass. On the green, carbon-rich side, you can use fresh grass clippings, vegetable scraps, egg shells, and leaves. It also includes manure.

Creating Your Compost PileIt is best to use a closed bin for your compost pile. This gives you a little bit more control over the process. Many gardeners recommend placing the bin in a sunny area as the warmth from the sunlight helps expedite the composting process.

Once the bin is positioned, fill the bottom 6-8 inches of the bin with brown material. This helps absorb moisture and facilitates aeration within the pile. From there, you will want to layer your greens and browns. Each layer should be between 4 to 6 inches thick. A good rule of thumb is to build your pile at a 4 to 1 ratio of browns to greens.

Once your pile is built, cover the top with a cap of green material that is 3-4 inches thick. This helps seal the pile and helps control the amount of moisture that can leach into the pile. When you want to add to the pile, set aside the green, carbon-rich cap, place the new material in the bin, and place the cap back on.

Managing Your CompostFor the most part, composting is a waiting game that takes between 6 months to a year to complete. However, there are some minor things you need to do along the way. Many people find that turning the compost pile every two weeks helps speed the process up by dispersing the heat evenly within the pile. You may also want to add redworms, coffee grounds, and microbes as the pile matures.

A Word About WateringCompost should be no wetter than a sponge that has been wrung-out. It should not be soggy and boggy. It is advisable to check the moisture within the pile in the spring, summer, and fall. If the pile is dry, add just enough water to moisten it. During the winter, you will want to add water sparingly and only on those days when it won't immediately freeze.

Applying Your "Black Gold" to the LandscapeWhen the compost is ready, there are four ways you can use it for home improvement around the landscape. You can spread it as a mulch 2-3 inches thick in flowerbeds. You can bury it 4 inches deep as a soil amendment beneath planted flowers. You can steep a shovel full in a 5-gallon bucket and create a tea that you can spray on the grass or around flowers and shrubs. Finally, you can spread about an inch on your grass, rake it, and let it settle into the soil. Each of these methods will help you create a healthy and vibrant landscape around your home.

January 11, 2019

Homestead exemptions are granted by the county appraisal district where the property is located. The exemption reduces a homeowner's property tax bill by removing part of the home's value from taxation. All Texas homeowners may receive a general residence homestead exemption on the value of their property for school taxes upon application. Other taxing entities may also offer exemptions of some percentage of the home's value. In addition to the Homestead Exemption, there are exemptions available to homeowners who are over 65 or disabled and require the same application process.

Who Qualifies?

These requirements must be met to receive the exemption:

You must own your home on January 1st of the year for which you are applying.

You must reside at the home as your principal residence on January 1st of that year and not claim any other property as a homestead.

You only need to apply one time... This exemption does not require you to reapply every year...

How to Apply for a Homestead Exemption

Your Homestead Exemption will be denied unless all of the required documents show the same homestead address. First, fill our the application specific to your county appraisal district, then mail all of the documents to the appraisal district for your county.

December 25, 2018

If you’re looking to start a-new this coming year, why not have a checklist of things you can do for your home to give it a fresh start to 2019? There’s nothing better than a clean home, and it’s a great way to begin a brand new year.

Start With The Little Things

Many of us, whether we rent or own, tend to overlook the little things. But even the little things can make a huge impact on our homes. Add these to your home’s new year checklist:

Check batteries on fire/smoke detectors and carbon monoxide detectors. We hate hearing the chirp of a dying smoke detector in the middle of the night - be proactive and change out all the batteries now!

Clean your clothes dryer. Vacuum out lint from the dryer vent. Too much lint can be a fire hazard if it’s accumulated over time. Also, if you have too much lint build up, your dryer may not even work at maximum power.

Clean vents and registers. Things can get stuck in and even build up in your home’s vents and registers. Wipe down vent covers and vacuum out the register to help remove dirt and debris.

Vacuum under all and flip most mattresses (you CAN vacuum your mattress!). Mattresses are often overlooked when it comes to TLC, and they shouldn’t since they’re used every day!

Vacuum your fridge coils. For many of us, we rarely move the fridge out of its place, meaning that you could have a nice buildup of dust behind, under, and on top of it. Don’t forget about the outside of your fridge this new year.

Clean your home's faucets. Most faucets in your home have a small metal or plastic screen to block the passage of grit and other particles. Take time to rinse those out. You might be surprised at the increased water flow the faucet will now have.

Next Steps

These next tasks are often forgotten, but they’re simple and will add a new level of clean to your home.

Rotate and clean ceiling fans. Dust accumulates year-round, regardless of whether fans are being used or not. Wipe down the blades, and rotate clockwise in the winter; counterclockwise in the summer.

Clean out the pantry, fridge, and freezer. If you haven’t cleaned out your fridge, freezer, or pantry, now is a great time to do so. Bacteria can grow in your fridge. If you haven’t wiped it down in a while, do your health a favor and clean it out.

Change furnace air filters. If you have a forced-air furnace, and you haven’t changed out the air filters in a long time (or ever), now is the time to do so. The air filters prevent many pollutants from entering your living spaces, and if they haven’t been changed in a while, there’s a high possibility your furnace isn’t working at peak efficiency. That added strain on the motor can shorten its life. It is important to note that most should be changed more often than annually.

If you have a wood fireplace, have it professionally cleaned. This is important for those living in winter climates. Chimney maintenance is vital, and by cleaning it you’ll guarantee no blockages or buildup of Creosote, and it will work at maximum capacity.

Don’t Forget Outside

When it comes to new year’s tasks, don’t forget to look outside! These next tasks are also important, as they’ll ensure the exterior of your home is in full working order.

Check weather stripping around doors and windows. Weather stripping is important because it keeps things out of your house (think rain, moisture, bugs and other stuff), and it keeps interior air inside. Weather stripping is important - do an audit and replace as needed.

Clean out your gutters. Cleaning out your gutters not only helps with leaf and debris buildup, it will also prevent gutter flooding in cases of extreme inclement weather.

Repair or replace damaged window screens. If you have window screens that are torn or broken, you should replace them. Window screens are not only helpful, they also add to the curb appeal of your home.

Clean out any dead or dying plants from your garden beds. If you have a yard, now is a good time to clean it out, especially if you live in a climate where fall and winter have taken a toll on your plants and shrubs

The beginning of a new year is a great time to start thinking of things you’d like to work on or replace in the coming year. Think about how long tasks will take, the costs for any materials, how much time you’ll need to complete the tasks, and the best time of year for it to happen. If you’re looking to make some resolutions for yourself this year, don’t forget about your home! Happy New Year!